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Chris Wetherbee

Managing Director and Senior Equity Analyst at Wells Fargo

Chris Wetherbee is a Managing Director and Senior Equity Analyst at Wells Fargo Securities, specializing in transport and logistics sector research. He covers major companies such as FedEx and other leading transport firms, bringing years of industry experience and a reputation for incisive analysis. Wetherbee previously served as a top-rated analyst at Citigroup before joining Wells Fargo in 2024, having built credibility for his detailed sector insight and influential research coverage. He holds key professional credentials in equity research and analyst licensing, consistently recognized for accuracy and deep company knowledge across his field.

Chris Wetherbee's questions to CSX (CSX) leadership

Chris Wetherbee's questions to CSX (CSX) leadership • Q3 2025

Question

Chris Wetherbee asked Steve Angel about inbound strategic opportunities and CSX's positioning to leverage customer responses to industry consolidation as a standalone entity.

Answer

Steve Angel, President and CEO, stated that running the business effectively ensures strong customer service. He noted opportunities, potentially spurred by merger discussions, to collaborate with partners and shift truck volume to rail, which is already showing success.

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Chris Wetherbee's questions to CSX (CSX) leadership • Q2 2025

Question

Chris Wetherbee from Wells Fargo & Company asked for more detail on the second-half volume outlook, specifically the key opportunities that will help CSX achieve its full-year growth target, and for a perspective on peak season.

Answer

EVP & CCO Kevin Boone pointed to several factors for second-half growth: easier year-over-year comparisons, the resolution of Q2 customer outages in chemicals and forest products, strong fundamentals in fertilizers, and the expected restart of two export coal mines in Q4. He described the growth drivers as being diversified across multiple markets.

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Chris Wetherbee's questions to HUNT J B TRANSPORT SERVICES (JBHT) leadership

Chris Wetherbee's questions to HUNT J B TRANSPORT SERVICES (JBHT) leadership • Q3 2025

Question

Chris Wetherbee inquired about the progress of J.B. Hunt's cost reduction initiative, specifically the $20 million in savings achieved in the quarter towards the $100 million goal. He asked for a segment breakdown, specific examples, and the expected progression of these savings. Additionally, he questioned the sequential decline in container count and its alignment with the company's strategy.

Answer

CFO Brad Delco explained that cost reduction progress was evident across all business areas, driven by efficiency, productivity, and improved asset utilization, with the majority of the $100 million savings expected in 2026. President of Intermodal Darren Field clarified that the slight container count decrease was due to equipment reaching its useful life and strategic use of containers in dedicated accounts, not a significant change in direction.

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Chris Wetherbee's questions to HUNT J B TRANSPORT SERVICES (JBHT) leadership • Q3 2025

Question

Chris Wetherbee asked about the $20 million in cost savings achieved in the quarter as part of the $100 million initiative, seeking details on segment-specific impacts and examples, as well as the progression towards the total goal. He also inquired about the sequential decline in container count.

Answer

CFO Brad Delco explained that cost progress was seen across all business areas, including efficiency, asset utilization, and productivity, with the majority of the $100 million savings expected in 2026. President of Intermodal Darren Field clarified that the container count decline was minor, due to equipment reaching its useful life and some conversions from leased trailers to containers in dedicated accounts.

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Chris Wetherbee's questions to HUNT J B TRANSPORT SERVICES (JBHT) leadership • Q2 2025

Question

Chris Wetherbee from Wells Fargo asked for clarification on the newly announced $100 million cost savings initiative, questioning if it was separate from previously discussed capacity-related costs and how the savings would be allocated across business segments and over what timeframe.

Answer

EVP & CFO John Kuhlow clarified that the $100 million initiative is a continuation of efforts to address costs from excess capacity and includes improvements in asset utilization. He stated the savings would be distributed proportionately to the spending levels in each segment, with most benefits realized in 2026 and beyond.

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Chris Wetherbee's questions to FEDEX (FDX) leadership

Chris Wetherbee's questions to FEDEX (FDX) leadership • Q1 2026

Question

Chris Wetherbee asked if there's a direct correlation between 4% revenue growth and the low end of the EPS guidance (17.2%), and requested further clarification on the $300 million in direct trade-related expenses.

Answer

EVP & CFO John Dietrich advised against making a direct linear connection between specific revenue growth and the low end of the EPS range, emphasizing the dynamic nature of the operating environment. He clarified that the $300 million in direct trade-related expenses covers customs clearance, related staffing, and administrative costs incurred to adapt to the current trade environment.

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Chris Wetherbee's questions to FEDEX (FDX) leadership • Q4 2025

Question

Chris Wetherbee requested a breakdown of the $170 million international headwind guided for Q1, asking about the impact from de minimis rules versus other factors and what events could change this dynamic through the year.

Answer

EVP & CCO Brie Carere attributed the headwind primarily to the Transpacific lane, with the vast majority stemming from de minimis impacts on China-to-U.S. trade. EVP & CFO John Dietrich added that other global trade negotiations contribute to uncertainty. President & CEO Raj Subramaniam noted the environment is dynamic and likely to evolve in the next 30-60 days.

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Chris Wetherbee's questions to FEDEX (FDX) leadership • Q4 2025

Question

Chris Wetherbee asked for a breakdown of the $170 million international headwind expected in Q1, specifically the impact from de minimis rules versus other trade issues, and what events could change this dynamic later in the year.

Answer

EVP & CCO Brie Carere stated that the vast majority of the headwind is from the China-to-U.S. lane, with the impact of de minimis being the primary driver. President & CEO Raj Subramaniam added that the trade environment is dynamic and likely to evolve over the next 30 to 60 days, which is why the company is only providing Q1 guidance.

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Chris Wetherbee's questions to RXO (RXO) leadership

Chris Wetherbee's questions to RXO (RXO) leadership • Q2 2025

Question

Chris Wetherbee sought to quantify how much of the truckload volume decline was due to the customer optimization exercise and asked for an outlook on peak season demand, including any influence from UPS.

Answer

CEO Drew Wilkerson reiterated that the optimization process is "largely done" as it was tied to the Q2-implemented bid season. Regarding peak season, he said it's too early to call but that the company is confident in Q3 to Q4 EBITDA growth. He confirmed a strong relationship with UPS and that RXO is meeting its volume commitments from the Coyote acquisition.

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Chris Wetherbee's questions to GXO Logistics (GXO) leadership

Chris Wetherbee's questions to GXO Logistics (GXO) leadership • Q2 2025

Question

Chris Wetherbee from Wells Fargo asked if organic revenue growth could reaccelerate to upper-single-digit rates in 2026 and beyond, driven by the Wincanton acquisition and other opportunities. He also questioned the company's go-forward strategy for share buybacks.

Answer

CEO Malcolm Wilson confirmed the Wincanton deal will be a significant growth driver, citing its own 10% revenue growth and the potential to expand GXO's aerospace and defense presence in Europe. CFO Baris Oran addressed capital allocation, stating that while the company sees its shares as attractive, the primary focus is on high-return organic growth opportunities. He noted GXO will balance buybacks with maintaining its investment-grade credit rating and leverage levels.

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Chris Wetherbee's questions to Schneider National (SNDR) leadership

Chris Wetherbee's questions to Schneider National (SNDR) leadership • Q2 2025

Question

Chris Wetherbee from Wells Fargo sought clarity on the updated 2025 EPS guidance, asking what factors led to trimming the high end and what risks are contemplated at the low end. He also inquired about the expected shape of earnings for the second half and the strength of the dedicated pipeline.

Answer

CFO Darrell Campbell explained the high end of guidance was trimmed due to unresolved trade policy uncertainty and a less sustained spot rate recovery in July. The low end reflects potential cost inflation and market softness. CEO Mark Rourke described the dedicated pipeline as 'robust' and at a level that has historically led to future fleet growth, with several large, late-stage opportunities in progress.

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Chris Wetherbee's questions to Schneider National (SNDR) leadership • Q4 2024

Question

On behalf of Chris Wetherbee, an analyst asked for details on the rate assumptions in the full-year guidance and how the truckload margin should perform given the higher mix of dedicated business.

Answer

CEO Mark Rourke explained that price improvement is a key factor in the guidance range but did not provide a specific number. Management noted the low end of guidance assumes conditions similar to a normalized Q4 2024. Rourke also stated that dedicated margins can still improve through better backhaul opportunities in a rising market and internal initiatives to boost asset productivity.

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Chris Wetherbee's questions to Schneider National (SNDR) leadership • Q3 2024

Question

On behalf of Chris Wetherbee from Wells Fargo & Company, Rob asked about the potential for margin expansion in the upcoming year, considering the balance between a competitive environment, cost inflation, and ongoing rate restoration efforts in the network business.

Answer

CEO Mark Rourke indicated that while it's early for 2025 guidance, he sees positive signs for margin improvement. He pointed to continued capacity exiting the market, with truck lender defaults reaching levels not seen since the 2008-2009 financial crisis. He also noted a favorable shift in customer sentiment towards asset-based carriers in anticipation of a market recovery, which he believes will be a positive contributor to 2025 performance.

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Chris Wetherbee's questions to XPO (XPO) leadership

Chris Wetherbee's questions to XPO (XPO) leadership • Q2 2025

Question

Chris Wetherbee of Wells Fargo asked about the outlook for labor productivity in the second half of the year and whether a better volume environment is necessary to achieve further progress.

Answer

CFO Kyle Wismans responded that XPO continues to expect productivity improvements even in a challenged tonnage environment, as demonstrated by the 1% improvement in labor cost per shipment in Q2. He highlighted that tech-enabled initiatives on the dock and in P&D, along with efficiencies from new larger service centers, will continue to drive labor productivity momentum regardless of the volume backdrop.

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Chris Wetherbee's questions to C. H. ROBINSON WORLDWIDE (CHRW) leadership

Chris Wetherbee's questions to C. H. ROBINSON WORLDWIDE (CHRW) leadership • Q2 2025

Question

Chris Wetherbee asked about the long-term potential for NAST operating margins, noting that at 38%, they are approaching mid-cycle targets despite being at the bottom of the freight cycle.

Answer

President and CEO Dave Bozeman highlighted that the company's productivity gains are evergreen and part of their operating model, leading to higher highs and lows. Michael Castagnetto, President of North American Surface Transportation, added that these gains are sustainable and that the company is in the early innings of unlocking further efficiencies through new technologies like AgenTeq AI.

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Chris Wetherbee's questions to CANADIAN PACIFIC KANSAS CITY LTD/CN (CP) leadership

Chris Wetherbee's questions to CANADIAN PACIFIC KANSAS CITY LTD/CN (CP) leadership • Q2 2025

Question

Chris Wetherbee from Wells Fargo asked for an expansion on CPKC's strategic role and perspective on the proposed UP-NS merger, covering commercial opportunities, potential strategic actions, and the company's regulatory stance.

Answer

CEO Keith Creel stated that CPKC sees undeniable commercial opportunities to partner with other railroads and attract customers concerned about the merger's risk. He emphasized that CPKC will be a 'loud voice' in the regulatory process to ensure the high standards of the 2001 merger rules are met, including enhancing competition and considering downstream effects on the entire industry. Creel noted that the proposal could trigger an industry endgame, making the STB's review critical for the future of the North American rail network.

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Chris Wetherbee's questions to OLD DOMINION FREIGHT LINE (ODFL) leadership

Chris Wetherbee's questions to OLD DOMINION FREIGHT LINE (ODFL) leadership • Q2 2025

Question

Chris Wetherbee of Wells Fargo & Company inquired about the expected sequential progression of Old Dominion's operating ratio from Q2 to Q3 2025, given the challenging tonnage environment.

Answer

EVP & CFO Adam Satterfield projected a sequential increase in the operating ratio of 80 to 120 basis points for Q3, which is higher than the ten-year average. He attributed this to the annual wage increase effective September 1, ongoing pressure from fringe benefit costs, and the assumption of relatively flat sequential revenue per day.

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Chris Wetherbee's questions to OLD DOMINION FREIGHT LINE (ODFL) leadership • Q2 2025

Question

Chris Wetherbee of Wells Fargo asked for Old Dominion's outlook on its third-quarter operating ratio, considering the challenging tonnage environment and typical seasonal patterns.

Answer

EVP & CFO Adam Satterfield responded that while the 10-year average for Q3 is flat to up 50 basis points, he anticipates an 80 to 120 basis point increase this year, assuming flattish revenue. He attributed this to pressure from the annual wage increase in September, rising fringe benefit costs, and higher overhead expenses.

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Chris Wetherbee's questions to ARCBEST CORP /DE/ (ARCB) leadership

Chris Wetherbee's questions to ARCBEST CORP /DE/ (ARCB) leadership • Q2 2025

Question

Chris Wetherbee of Wells Fargo inquired about ArcBest's ability to outgrow the industry, asking for details on the type of freight being acquired, the depth of that freight pool, and the sustainability of its volume outperformance.

Answer

President & CEO-Elect Seth Runser attributed the outperformance to growth in core business, having added over 100 new core LTL accounts. He stated the strategy is based on finding ways to serve customers across solutions, which strengthens the pipeline. Runser emphasized a focus on disciplined, profitable growth and efficiency, positioning the company well for when market demand improves.

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Chris Wetherbee's questions to SAIA (SAIA) leadership

Chris Wetherbee's questions to SAIA (SAIA) leadership • Q2 2025

Question

Chris Wetherbee of Wells Fargo requested an update on volume trends, specifically asking for July's tonnage performance and any insights on what Saia is hearing from its customers and end markets.

Answer

EVP & CFO Matthew Batteh provided monthly Q2 metrics and stated that July month-to-date shipments per day were down about 2.25% while tonnage was trending around flat. He noted no significant changes in customer sentiment compared to June. President & CEO Frederick Holzgrefe added that Saia's Los Angeles region stood out as a bit softer, partly due to the company's own pricing actions.

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Chris Wetherbee's questions to Knight-Swift Transportation Holdings (KNX) leadership

Chris Wetherbee's questions to Knight-Swift Transportation Holdings (KNX) leadership • Q2 2025

Question

Chris Wetherbee of Wells Fargo & Company inquired about the overall supply and demand balance in the freight market, asking for Knight-Swift's perspective on inventory levels, consumer trends, and the pace of capacity exiting the industry.

Answer

CEO Adam Miller stated that while capacity is exiting slowly, the trend is continuing. He noted that recent discussions around potential peak season projects suggest that one-way capacity at scale is becoming more valuable. Miller conveyed a cautiously optimistic outlook, suggesting the worst of the market downturn is likely over and that a slow tightening of supply and demand is underway, despite a typically soft start to the third quarter.

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Chris Wetherbee's questions to CANADIAN NATIONAL RAILWAY (CNI) leadership

Chris Wetherbee's questions to CANADIAN NATIONAL RAILWAY (CNI) leadership • Q2 2025

Question

Chris Wetherbee asked about the RTM guidance for the second half of the year, questioning what needs to change to drive growth and how the RTM outcome relates to the revised EPS guidance.

Answer

Interim Chief Commercial Officer Janet Drysdale explained that volumes are expected to accelerate as refinery outages resolve and the grain crop begins in September. CEO Tracy Robinson added that the company is proactively managing costs to protect margins amid volume and mix shifts, pointing to the 50 basis point margin improvement in Q2 as evidence of this discipline.

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Chris Wetherbee's questions to NORFOLK SOUTHERN (NSC) leadership

Chris Wetherbee's questions to NORFOLK SOUTHERN (NSC) leadership • Q4 2024

Question

Chris Wetherbee asked for a breakdown of the sources for the planned $150 million in 2025 productivity savings and inquired about the long-term potential for operating ratio (OR) improvement over the next few years.

Answer

CEO Mark George expressed confidence in exceeding the $150 million target and noted a long-term path to a 60% range OR, especially with an economic recovery. COO John Orr detailed that savings will come from higher operational standards, improved asset utilization (cars, locomotives), and aligning headcount with GTMs. Mark George added that savings would appear across the P&L in areas like compensation, materials, fuel, and purchased services.

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Chris Wetherbee's questions to NORFOLK SOUTHERN (NSC) leadership • Q3 2024

Question

Chris Wetherbee asked about Norfolk Southern's ability to carry its Q3 momentum into Q4 and sought clarity on the fourth-quarter operating ratio (OR) outlook.

Answer

CEO Mark George confirmed strong cost momentum but noted concerns in auto and steel markets. COO John Orr detailed ongoing operational improvements driving costs down. An executive, likely CFO Jason Zante, reaffirmed the 64-65% second-half OR guidance but projected a sequential Q4 uptick due to non-recurring fuel recoveries, seasonality, and hurricane costs, which will be partially offset by strong productivity.

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Chris Wetherbee's questions to UNION PACIFIC (UNP) leadership

Chris Wetherbee's questions to UNION PACIFIC (UNP) leadership • Q3 2024

Question

Chris Wetherbee of Wells Fargo & Company inquired about the intermodal outlook and how potential changes in business mix might influence the company's Q4 performance.

Answer

CFO Jennifer Hamann stated that mix pressures from high international intermodal volumes are expected to continue into Q4. She also highlighted that lower fuel surcharge revenue would be a significant factor. EVP Kenny Rocker noted that while international intermodal volumes will remain elevated year-over-year, they are beginning to moderate sequentially.

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